Saudi, other Gulf markets up
24/05/2012 08:28 AST Saudi Gazette
Most Gulf markets registered gains Tuesday as upbeat global markets buoyed sentiment.
Saudi stock benchmark Tadawul All Share Index rose for a third day, gaining 1.06 percent to close at 7,103.52 points, since Saturday’s three-month low driven by petrochemical and bank stocks.
Bellwether Saudi Basic Industries Corp. (Sabic) climbed 1.1 percent, Al-Rajhi Bank rose 2.4 percent and Yanbu petrochemical (Yansab) added 1.9 percent.
“It’s mainly oil prices dictating Saudi market sentiment,” said Hesham Tuffaha, Bakheet Investment Group head of asset management.
He forecast the Saudi market would rise 1-2 percent over the next week or so. “Most likely, oil and global markets will continue rising and that will help the Saudi market,” he added.
Oil prices dropped near their lows for the year Tuesday following warnings of a “severe recession” in Europe and an apparent easing of tensions over Iran’s nuclear program.
Benchmark US crude lost 91 cents to end the day at $91.66 per barrel in New York while Brent crude fell by 40 cents to end at $108.41 per barrel in London.
Dubai’s index climbed 0.6 percent, easing away from Wednesday’s 15-week low to take its 2012 gains to 10.6 percent.
Oman’s index climbed 2.3 percent, its largest gain in 15 months as volumes hit a five-week peak.
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